RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 48.43 points, or 0.41 percent, to close at 11,962.72.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion) as 162 stocks advanced, while 57 retreated.
The parallel market, Nomu, however, dropped 10.86 points, or 0.04 percent, to close at 25,181.47. This comes as 31 stocks advanced, while as many as 26 retreated.
Meanwhile, the MSCI Tadawul Index gained 5.39 points, or 0.35 percent, to close at 1,553.52.
The best-performing stock of the day was MBC Group Co. The company’s share price surged 9.84 percent to SR61.40. Other top performers included Saudi Chemical Co. as well as Middle East Healthcare Co.
The worst performer was Ades Holding Co., whose share price dropped by 2.92 percent to SR19.94. Etihad Atheeb Telecommunication Co. and Arabian Drilling Co. also did not fare well.
On the announcements front, Quara Finance Co. revealed that it would begin its subscription on Nomu.
According to a Tadawul statement, the offering price range has been set at SR13 to SR15 per share. Moreover, the offering is comprised of 2.65 million ordinary shares representing 8.83 percent of the issued share capital of the firm.
The number of offer shares that will be allocated to qualified investors is 2.65 million, representing 100 percent of their total number.
The Saudi Investment Bank announced its annual financial results for the year ended on Dec. 31, 2023. A bourse filing revealed that the firm’s net profits reached SR1.76 billion, reflecting a 16.82 percent growth when compared to the previous year. The rise in net profit was mainly attributed to an increase in total operating income by 21 percent primarily due to a surge in net special commission income.
In addition to this, total operating expenses increased by 23 percent mainly linked to a rise in provisions for credit and other losses.
Meanwhile, Al Moammar Information Systems has announced the signing of a contract for the digital infrastructure operation project with the Human Resources Development Fund for a total amount of SR39.24 million.
